DO YOU HAVE A HELP DEBT? THE INCOME THRESHOLD AT WHICH YOU NEED TO START REPAYING THE DEBT AND THE REPAYMENT RATE ARE CHANGING FOR 2019/2020.

The minimum repayment income for the 2019-20 income year is $45,880. You must ensure you advise your employer that you have a HELP debt to ensure you are taxed correctly.  The income levels and repayment rates for 2019-20 are:

HELP repayment income   Repayment rate (% of HELP repayment income)  
Below $45,880 Nil
$45,881 – $52,973 1%
$52,974 – $56,151 2%
$56,152 – $59,521 2.5%
$59,522 – $63,092 3%
$63,093 – $66,877 3.5%
$66,878 – $70,890 4%
$70,891 – $75,144 4.5%
$75,145 – $79,652 5%
$79,653 – $84,432 5.5%
$84,433 – $89,498 6%
$89,499 – $94,868 6.5%
$94,869 – $100,560 7%
$100,561 – $106,593 7.5%
$106,594 – $112,989 8%
$112,990 – $119,769 8.5%
$119,770 – $126,955 9%
$126,956 – $134,572 9.5%
$134,573 and above 10%

NB  If you’re going overseas on a working holiday then you must submit an overseas travel notification.  Refer to ATO

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